Uber to acquire Foodpanda Taiwan business for US$950 million | Wilnesh News

Uber Technologies Will acquire Taiwan business delivery heroFoodpanda was acquired for $950 million in cash as Foodpanda focuses on other markets.

The deal, which is subject to regulatory approval, is expected to close in the first half of 2025, the companies said in a statement Joint Statement on Monday.

In a separate agreement, Delivery Hero will sell $300 million in newly issued common stock to Uber.

“We need to focus our resources on other parts of our global footprint where we believe we can deliver the best results to our customers, suppliers and suppliers,” said Delivery Hero co-founder and CEO Niklas Östberg and passengers for maximum impact.

Pierre-Dimitri Gore-Coty, Uber’s senior vice president of delivery, said the Taiwanese market is “very competitive” and the acquisition will help them grow in this market, ” Online food delivery platforms currently account for only a small portion of food delivery.” Deliver the landscape. ”

Foodpanda is one of the largest online food and grocery delivery platforms in Asia, with operations in markets such as Singapore, Malaysia, Thailand, Philippines and Hong Kong. German Delivery Heroes 2016 acquired company.

Taiwan’s food delivery market is dominated by Foodpanda and Uber Eats. Data comes from the insight platform Measurable AI Data as of August show that Foodpanda’s market share in Taiwan is 52% in terms of order volume, while Uber Eats accounts for the remaining 48%.

The joint statement said the deal would be one of Taiwan’s largest international acquisitions, excluding acquisitions in the semiconductor chip industry.

Delivery Hero said in February that it had ended talks to sell its Foodpanda business in some Southeast Asian markets. That same month, Osterberg told CNBC that the company was “happy” and would keep its Foodpanda business in Southeast Asia “forever.”

– CNBC’s Ryan Browne and Dylan Butts contributed to this report.